I am not familiar with private lending, but I thought I would look into it as it seems to me that a good deal could be had all around if a private investor was interested in helping us to purchase the home and finance the necessary renovations, and for us to pay a monthly mortgage to the private investor.At this point, I have not, of course, had an inspector out to the home and do not know how much renovation it requires.

Hi @Jim Viens Here's a sample Private Money Request Sheet that I have put together which summarizes the project's financial requirements, loan amount, and lender's projected investment results.  

Private & Hard Money Lenders will lend to an LLC.  

This was actually a response to a request for comments to model legislation by the Conference of State Bank Supervisors which is not a government agency but a private national organization of state bank supervisors (read regulators).

After that you can do seller financing, private party loans, portfolio loans, commercial financing.  

The property is on private sewer, which I assume means a septic system.The tenants pays electric (all electric units), and owner pays water & trash.

Like you mentioned above, get another loan, find a partner, get private lending.  

Professional private money lenders don't lend on owner occupied properties.

Shoot me a private message if you want to talk more at length.

Find a private investor willing to lend you cash.